Advanced Theory & Practice of Bonds

Recognized under IBF-FTS | 7-8 June 2022 | 12 CPD Hours

Comprehensive 2-day course on bonds designed for private bankers, wealth managers and advisors.

SocGen reported group net profits of €814mn, a sharp increase over 1Q2020 losses of €326mn. The bank’s equities business had its best quarter since 2015, with revenues rebounding 44% QoQ and Fixed Income & Currency saw revenues jump 51% QoQ.  Cost of risk stood at 21bp, significantly lower than 65bp in the same period last year. SocGen reduced provision for bad loans, setting aside €276mn in the quarter, vs. €716mn expected by analysts. CET1 ratio stood at 13.5%, up 10bp QoQ.

ING reported net result/profits of €1bn in the first quarter a 50% jump vs 1Q2020. Total income rose 4% to €4.7bn though operating expenses also rose by 6.5%. Profits were helped by loan loss provisions of €223mn vs. €661mn a year ago. Besides, fee income rose 9% to €854mn and cost of risk fell to 15bp vs. 42bp in the same period last year. The group’s CET1 ratio was at 15.5% unchanged from 4Q2020.

UniCredit reported 1Q2021 underlying net profit of €883mn vs. losses of €159mn in the same period last year ‘thanks to a rebound in revenues, low cost of risk and continued cost discipline.’ Revenues rose 7% to €4.7bn, operating costs fell 3% to €2.4bn and cost of risk fell to 15bp, down 165bp QoQ impacted by seasonality and further supported by write-backs. Loan loss provisions were at €167mn vs. $1.2bn a year ago and €2.06bn last quarter. UniCredit noted that its share buyback of €179mn was approved by ECB and AGM and is expected to be completed by end 3Q2021. The group’s CET1 ratio was at 15.92%, up 78bp vs 4Q2020.

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